Top Newsstuffs (May 21-27)

Welcome back to Groundhog Day. I’m trying to keep these newspaper clippings fresh, but even then, I feel like we’ve done this Eurocrisis stuff before. No? One note: there are no more bears & bulls left on the Street as of this week. Everyone’s turned into an appraisor, just trying to figure out how bad the damage will be. Very interesting. Enjoy my newsstand from this past week…

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US Decides to Backstop Derivatives Exchanges with Fed Dollars | Jesse’s Café Américain
Chris Dodd led Congress to pass a bill in May 2010 that granted clearinghouses deemed “systemically important” (read: Too Big To Fail) access to the Fed’s discount window without bank charters. On 5/22/12, the Financial Stability Oversight Council began selecting such TBTFs, with derivatives clearinghouses CME Group, ICE, and London’s LCH.Clearnet already approved.

America Hit Bottom This Week: An All-Time Low & Beginning of Recovery | The Reformed Broker
Tyler Durden: “We view this as a sign of hope… the events of the past few days show that the truth is getting out – the truth that capital markets simply can not exist under the authoritarian rule of central planners, the truth that the stock market is a casino in which the best one can hope for a quick flip, and finally the truth that our entire socio-economic regime, whose existence has been predicated by borrowing from the uncreated wealth of the future, and where accumulated debt could be wiped out at the flip of a switch if things go wrong in the process obliterating the welfare of billions, is one big lie.”